Many Americans are experiencing financial strain this holiday season, with a significant portion resorting to savings and seeking discounts amid economic concerns, according to a recent AP-NORC poll.
The poll indicates that approximately 50% of respondents find it more challenging to afford holiday gifts this year compared to previous seasons. In addition, half of Americans report cutting back on non-essential purchases and postponing major expenses.
Rising inflation has contributed to this sentiment, with 89% of participants noticing increases in grocery prices. About 70% of respondents attributed higher costs to electricity, while over 60% observed an uptick in holiday prices. Currently, 68% of U.S. adults rate the economy as “poor,” a sentiment consistent with responses from December 2022.
Political reactions have emerged, particularly from the Trump administration, which attributes current economic challenges to former President Joe Biden. White House spokesperson Kush Desai stated that addressing inflation has been a primary focus for the administration since returning to power.
The poll’s findings reflect a broader trend of cautious consumer behavior, with many individuals adopting more strategic spending approaches. Approximately 50% of respondents are actively searching for the lowest prices, and around 40% are dipping into savings to fund their holiday expenses.
While Democrats are generally more inclined to report tightened budgets and increased bargain-hunting, a notable minority of Republicans also acknowledge similar practices. Overall consumer spending remains relatively stable, though many individuals are altering their purchasing habits, such as opting for domestically produced goods over imports.
Looking forward, public sentiment remains pessimistic, with nearly 40% of adults predicting worsening economic conditions next year, reflecting a decline in confidence since 2024.
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